A CENTURY OF DEBT CRISES IN LATIN AME RICA Frornlndependence to the Great Depression, 1820 1930 Carlos Marichal PRINCETON UNIVERSITY PRESS PRINCETON, NEW JERSEY Copyright © 1989 by Princeton University Press Published by Princeton University Press, 41 William Street, Princeton, New Jersey 08540 In the United Kingdom: Princeton University Press, Guildford, Surrey All Rights Reserved Library of Congress Cataloging-in-Publication Data Marichal, Carlos A century of debt crises in Latín America : from independence to the Great Depression, 1820-1930 Carlos Marichal p cm Bibliography: p Includes index ISBN 0-691-07792-4 (alk paper) ISBN 0-691-02299-2 (pbk.) l Debts, Extemal-Latin America-History l Title HJ8514.5.M357 1989 336.3'435'098 dcl9 88-17843 Publication of this book has been aided by the Whitney Darrow Fund of Princeton University Press This book has been composed in Linotron Times Roman Clothbound editions of Princeton University Press books are printed on acid-free paper, and binding materials are chosen for strength and durability Paperbacks, although satisfactory for personal collections, are not usually suitable for library rebinding Printed in the United States of America by Princeton University Press, Princeton, New Jersey To Juan and Solita CONTENTS Page List of Figures …………………………………… …….ix List of Tables …………………… …………… ……….xi Acknowledgements .…………………………… ……….xiii INTRODUCTION ………………………………………3 CHAPTER Independence: Silver and Loans ……………………………….… 12 CHAPTER The Crash of 1825 …………………………………… … 43 CHAPTER The Rediscovery of Latin America, 1850-1873 ……………………… ……68 CHAPTER The First World Debt Crisis ……………… ………………….… 98 CHAPTER Loan Frenzy in the Rio de la Plata, 1880-1890 .……………………… …….126 CHAPTER The Baring Panic of 1890 ………………………… … ………149 CHAPTER Dollar Diplomacy and the Loan Boom of the 1920's ……………………… 171 CHAPTER The Great Depression and Latin American Defaults … ………………… ….201 EPILOGUE .……………………………………… 229 Appendix A Foreign Loans to Latin American Governments, 1850-1873 ………………………………………… 243 Appendix B Foreign Loans to Latin American Governments, 1880-1890 ………………………………………… 247 Appendix C Foreign Loans to Latin American Governments, 19201930 ………………………………………………….251 Appendix D Guide to Foreign Banking Houses Engaged in Latin American Loans, 19th and early 20th Centuries ……………………… 257 Bibliographical Note ……………………………………… 259 Index 275 ACKNOWLEDGEMENTS The present work has had a long gestation period and over this time I have accumulated a large number of personal debts which I would like to acknowledge On the other hand, I should note that in the course of my research and writing I received no grants or financial assistance, although at times they were sorely needed Nevertheless, in presenting a critical analysis of foreign indebtedness, I believe it is just as well that this study be free of any monetary debts My interest in the history of Latin American foreign debts grew out of research carried out a decade ago on the economic history of Argentina The individual who contributed most to deepen my understanding of this subject was Luis Victor Sommi, was my contact with researchers of NACLA, the North American Congress on Latin America, of New York, especially with Michael Locker and Carlos Diaz Ritter, who insisted on the importance of studying the history of financial groups Subsequently in Mexico, where I have lived and taught since 1979, many individuals have provided encouragement, stimulus and fruitful critiques In 1980 Jose Quijano and Samuel Lichtenztejn urged me to prepare a paper for a conference which helped me to formulate ideas on the comparative history of Latin American finances At seminars held at the Universidad Autonoma Metropolitana in Mexico City, the following colleagues listened with patience and commented with intelligence on the hypotheses I presented to them: Hira de Gortari, Jose Carlos Chiaramonte, Carlos Sempat Assadourian, Jan Patula, Juan Carlos Garavaglia, Leonor Ludlow and Daniel Cataife My colleague from Haiti, Guy Pierre, greatly assisted me in the study of economic cycles Once the preliminary drafts had been transformed into a manuscript, the following persons were so good as to read and comment on some or all of the chapters: Nicolas Sanchez Albornoz, William Callahan, Barbara Tenenbaum, John Womack and Paul Bushkovitch Their perceptive observations and criticisms were invaluable My good friends Adela Harispuru and Margot Andersen Imbert provided me with hard to obtain bibliographical materials and information The librarians of the following institutions were particularly helpful: Widener Library (Harvard University), the Hispanic Divison of the Library of Congress, the library of the Ministerio de Economia in Buenos Aires and that of the Secretaria de Relaciones Exteriores in Mexico City Magdalena Fernandez, Irma Escobar Reyes and Tehila Liberman assisted me with secretarial chores Enrique Vega did work on the graphic material and Jorge Orozco Zuart assisted me with the appendixes I should also like to thank the two anonymous readers who reviewed the text on behalf of Princeton University Press for their many useful observations And I would like to thank the editor in chief of the Press, Sandy Thatcher, for his punctual letters and his support xiii My greatest debt I mention last This study would not have been possible without the assistance in many things, great and small, of my wife and companion, Soledad Gonzalez, of my parents and of my parents-in-law through a now long stretch of years during which my explorations of the Latin American past often seemed a difficult though never a fruitless task I can only hope that the present study reflects, in some measure, the affection which they have so liberally bestowed on the author xiv INTRODUCTION The world debt crisis began in the early 1980's but its end is still not in sight The enormous financial burden which weighs upon the less-developed nations of the globe has already had such a devastating impact that it is illusory to think that a sustained economic recovery is possible in the near future The dramatic rise in unemployment levels in most Asian, African and Latin American countries in the last few years has been accompanied by an equally striking fall in the per/capita income of the majority of the population and has provoked hardship and discontent The financial debacle has therefore sown the seeds of increasingly widespread social and political protests Nowhere has the impact of the debt crisis been felt more harshly than in Latin America which struggles to free itself of an oppressive load of 350 billion dollars in foreign debts Much attention has been directed to the analysis of the plight of the big debtors, Brazil, Mexico, Argentina and Venezuela, but it should be underlined that the smaller countries are beset with a similar dilemma The external debts of Bolivia, Ecuador, Peru and the Central American and Caribbean nations have disrupted their economies and immeasurably intensified the suffering of the poorest peoples of the Western Hemisphere The debt crisis initially caught bankers, politicians and economists as well as practically everyone else off guard Why did this happen? In part, no doubt, because the swings of the international economy have become increasingly acute during the last decade None of the participants in the great loan boom of the late 1970's expected that it would end in the debt crisis of the 1980's The euphoria of prosperity mesmerized all those engaged in these financial negotiations and obscured the signs of increasing instability in the world capitalist economy But it may also be suggested that the lack of a historical perspective made it difficult to comprehend the cyclical nature of the loan flows and the inevitability of a financial upheaval The present debt crisis is, in fact, not an unprecedented event but part of a chain of recurrent crises throughout the history of Latin America During more than a century and a half the Latin American nations have been buffeted repeatedly by international financial storms that have wreaked enormous damage upon their economies and strapped them into an apparently irrevocable succession of boom and bust cycles that reinforce underdevelopment The debt cataclysm of the 1980's is on a greater scale than those of the past because of the huge volume of financial resources now at stake and because of the increasingly complex structure of the economies of modern Latin America However, the dimensions of the current dilemma not imply that nothing can be learnt from similar past experience The evolution of the diverse societies of Latin America has been molded by a complex set of historical factors that are not merely a legacy but a continuing reality From the early nineteenth century Latin American elites looked abroad for loan capital to build and modernize their states and economies The inflow of funds stimulated growth for relatively short time-periods Invariably, international commercial and financial crises cut short the flow of funds from abroad and drove the debtor nations to bankruptcy The outcome was a series of debt crises that accentuated the economic contradictions and the political conflicts with the powerful creditor nations of Western Europe and, later, with the United States It was in the 1820's, when the Latin American peoples were fighting for independence, that foreign loans first came to play an important role in the history of the region All the most distinguished patriot leaders, Bolivar, San Martin, O' Higgins, Rivadavia, sought loans from Europe to consolidate independence and to promote trade The illusions of prosperity were shattered by the European financial crisis of 1825/26 which was followed shortly by the defaults of most Latin American governments This was the first Latin American debt crisis Subsequently, there came a succession of new loan booms, followed by debt crises in 1873, 1890 and 1931 The aim of the present study is to offer a general survey of the most important Latin American debt crises from independence to the depression of the 1930's In order to understand the dynamics of each crisis it is necessary to explore both its causes and its consequences For this reason I have chosen to focus on the broader concept of the "loan cycle" which includes two stages: that of the loan boom and that of the debt crisis Each loan cycle is characterized by an upswing, a period of prosperity during which Latin American states contracted a large number of loans abroad, and a downswing, which was usually the result of an international financial crisis that caused economic distress in Latin America and frequently led to a string of defaults The chapters of this work are divided into a sequence of pairs which follow this twostage outline Chapters one and two deal with the first Latin American loan boom of 182225 and with the first regional debt crisis that followed Chapters three and four focus on the loan expansion of the 1860's and early 1870's, which was cut short by the world depression of 1873 Chapters five and six concentrate on the loan frenzy of the 1880's, when Argentina became the largest Latin American debtor, and on the Anglo/Argentine financial panic of 1890 Finally, chapters seven and eight analyze the loan boom of the 1920's and the effects of the Great Depression of the 1930's upon Latin American finances To deal with such a broad historical canvas necessarily requires the adoption of a comparative approach which goes beyond the boundaries of "national" financial histories Moreover, it is one of the central tenets of the present study that the Latin American debt crises of the past cannot be understood solely in the light of the experience of an individual country but as the expression of trends common to many nations of the subcontinent In order to identify these trends it is essential first to collect and compare the facts In which decades were the largest number of loans issued by the Latin American states? What was their value and purpose? Which were the principal banking houses involved in placing the bonds in foreign capital markets? How did the loans fit into the economic strategies of the governments contracting the loans? The present study addresses itself to these questions by reviewing a large body of information to be found in the secondary literature, complementing it with data from primary sources, financial journals, government CUADRO IV MORATORIAS Y RENEGOCIACIONES DE LAS DEUDAS LATINOAMERICANAS DESPUÉS DE 1873* País Préstamos en suspensión de pagos Bolivia 6% 1872 Costa Rica 6% 1871 7% 1872 Guatemala 5% 1856 6% 1869 Honduras 5% 1867 10% 1867 7% 1869 10% 1870 Valor Nominal Deuda Renegociaciones y arreglos de principal no redimida (en Fecha de Moratoria las deudas miles de libras) 1.654 1/1/1875 1880-tenedores de bonos reciben 793,000 libras esterlinas depositadas en el Banco de Inglaterra 940 1/11/1874 1885-2,000,000 de libras en bonos nuevos para los tenedores; venta de ferrocarriles estatales y 2.362 1/4/1874 tierras 73 1/2/1875 1882-ajuste preliminar no aceptado por el Congreso de Guatemala En 1887, 887,000 libras en bonos nuevos emitidos 469 1/4/1875 para cancelar bonos viejos 79 1/4/1873 La deuda externa de Honduras 901 1/1/1873 sega en suspensión de pagos al 2.177 1/3/1873 inicio del siglo XX 2.243 1/1/1873 Paraguay 8% 1871 957 15/6/1874 Perú 5% 1869 265 1/1/1876 6% 1870 11.142 1/1/1876 5% 1872 21.547 1/1/1876 Sto Domingo 6% 1869 714 1/1/1873 Uruguay 6% 1871 3.165 1/8/1876 TABLAS A CENTURY (1).xls 1885 – deuda reducida a 800,000 libras; millones de hectáreas de tierra entregadas a los tenedores de los bonos 1890-tenedores de bonos británicos reciben valores de la Peruvian Corp., que se convierte en propietaria de ferrocarriles estatales, tierras y concesiones mineras 1888-770,000 libras en bonos nuevos para acreedores 1879-se renuevan pagos de la deuda Fuentes: Corporation of Foreign Bondholders, Annual Reports , 1873-1890, 1895, 1905; Fenn´s on the Funds (Londres, 1883); Hyde Clarke, «On the Debts of Sovereign and Quasi-Sovereign States, Owing by Foreign Countries», Journal of the Statistical Society (Londres), junio de 1878 *No se incluyen aquí los incumplimientos y ajustes de los gobiernos anteriores a la crisis de 1873: Venezuela (1866), Ecuador (1868), México (1867) La información acerca de la resolución y ajustes parciales de estas deudas efectuadas mediante la emisión de bonos nuevos en los años de 1885-1888 puede encontrarse en los informes anuales de la Corporación of Foreign Bondholders CARLOS MARICHAL, HISTORIA DE LA DEUDA EXTERNA DE AMERICA LATINA (MADRID,ALIANZA EDITORIAL1988.) Pag.124 CUADRO V PRÉSTAMOS EXTERNOS DE CINCO ESTADOS LATINOAMERICANOS, 1880-1890* País y Entidad Gubernamental Argentina Gobierno Nacional Gobiernos Provinciales Gobiernos Municipales Número de Préstamos Valor Nominal (miles de libras esterlinas) 13 27 10 39.223 32.505 6.261 SUBTOTAL Brasil Gobierno Nacional Gobiernos Provinciales Gobiernos Municipales SUBTOTAL Chile Gobierno Nacional México 50 77.989 2 37.165 1,050 700 38.915 9.524 Gobierno Nacional Gobiernos Provinciales Gobiernos Municipales SUBTOTAL Uruguay 1 19,200 250 2,400 21,850 17.382 1,400 18.782 Gobierno Nacional Gobierno Municipal SUBTOTAL Fuentes: Las mismas que las citadas al final del Apéndice TABLAS A CENTURY (1).xls *Los cinco Estados incluidos en este cuadro recibieron aproximadamente el 90 por 100 de todos los empréstitos externos latinoamericanos de este periodo Algunas repúblicas pequeñas llevaron a cabo operaciones de refinanciamiento, pero éstas no representaron sino conversiones de bonos viejos por nuevos: entre ellos, arreglos de Costa Rica en 1886, Guatemala en 1887/88, Paraguay en 1886, El Salvador en 1889, Santo Domingo en 1888, que en su conjunto no superaron cinco millones de libras esterlinas También debe notarse que Cuba contrató dos grandes empréstitos en los os de 1880, pero que caben en una categoría especial en tanto eran garantizados por la Corona española Los dos empréstitos cubanos, de 1886 por 20 millones de libras y de 1890 por ocho millones de libras, fueron emitidos en los mercados de capitales españoles y en algunos otros puntos de Europa CARLOS MARICHAL, HISTORIA DE LA DEUDA EXTERNA DE AMERICA LATINA (MADRID,ALIANZA EDITORIAL1988.) Pags.150-151 CUADRO VI Año 1891 1893 1896 1896-99 1897 RENEGOCIACIONES DE LA DEUDA EXTERNA ARGENTINA, 1890-1906 Categoría y Bonos nuevos emitidos valor de la Objetivo Banqueros (libras esterlinas) deuda renegociada Bonos del Pago de intereses 5,060,000 J S Morgan Gobierno Nacional (£40,500,000) Bonos de 14 Reducción de Baring Brothers Ninguno a empréstitos del intereses, 1893Gobierno 1899, a una suma Nacional global de 1.5 (£44,100,000) millones de libras por año Garantías de Para cancelar 10,422,626 Baring Brothers b garantías de ferrocarriles ferrocarriles Bonos Para convertir 17,778,813 Bancos de Londres y provinciales bonos París c (£22,000,000) provinciales en bonos nacionales al 4% Bonos del Para convertir 1,527,778 Baring Brothers Municipio de bonos Buenos Aires municipales en (£1,221,400) bonos nacionales TABLAS A CENTURY (1).xls al 4% Comentarios Conocido como empréstito Morgan; contrato cancelado en 1893 Conocido como Acuerdo Romero Servicio total de la deuda renovado en 1899 Bonos nuevos entregados a compías ferroviarias extranjeras Representó una pérdida de millones de libras para los acreedores Bonos nuevos a cambio de bonos viejos 1899 Bonos del Municipio de Córdoba (£779,000) 1900 Municipio de Rosario (£2,200,000) Municipio de Santa Fe (£260,000) 1905 1906 Cédulas Banco Hipotecario Provincia Buenos Aires Para convertir bonos municipales en bonos nacionales al 4% Ibid 779,500 Baring Brothers No se cambiaron bonos viejos por nuevos, pero intereses correspondientes a 1890-1899 cancelados 1,853,317 Baring Brothers Bonos nuevos a cambio de viejos, pero capital e intereses reducidos Ibid 300,000 Baring Brothers Cancelados intereses atrasados Conversión a bonos 3% 11,160,980 Baring Brothers Inversionistas perdieron aproximadamente 1/3 valor nominal de sus obligaciones Fuentes: José B Pa, Deuda Argentina, recopilación de leyes, decretos, resoluciones, notas y contratos (Buenos Aires, 1907), vols.; Henry Shepherd, «Default and Adjustment of Argentine Foreign Debts, 1890-1906», Dept of Commerce, Trade Promotion Series, 145 (Washington, D.C., 1933) a Los bonos viejos siguieron siendo válidos y recibieron las mismas tasas de interés y pagos del fondo de amortización después de 1899, de acuerdo a lo contratado originalmente b Las garantías de ferrocarriles eran subsidios otorgados a numerosas compías ferroviarias privadas, la mayoría de propiedad británica Las compías exigían el pago de los subsidios impagados desde 1890 y demandaban una suma global adicional en bonos para la cancelación de las garantías c Un gran número de bancos de Londres y París, así como otros alemanes y holandeses, estuvieron involucrados en la emisión original de bonos provinciales y en las renegociaciones (Véase Apéndice 11) CARLOS MARICHAL, HISTORIA DE LA DEUDA EXTERNA DE AMERICA LATINA (MADRID,ALIANZA EDITORIAL1988.) Pags.188-189 TABLAS A CENTURY (1).xls CUADRO VII PRÉSTAMOS EXTERNOS A GOBIERNOS LATINOAMERICANOS (1920-1930) País y Entidad Gubernamental Núm de préstamos Objetivo c Refinanciación Valor b Obras públicas Miles de dólares a Otros Argentina 10 288,800 38,100 233,700 Gobs Provinciales Gobs Municipales Bolivia Gob Nacional Brasil 102.601 28.017 52.878 28.017 47.601 - 17,000 d 2.122 - 66,000 43,000 23,000 - Gob Nacional Gobs Provinciales 21 219.077 343.939 75,000 110.212 144.077 87.744 Gobs Municipales Chile 10 78.302 62.302 15,000 145,983 e - Gob Nacional Gobs Municipales Banco Hipotecario de Chile 10 228.788 24,000 176.696 24,000 52.092 - - 90,000 - - 90,000 f 60,000 67,350 27.585 60,000 66,100 20.085 1,250 7,500 - 21,840 - - 21,840 g Gob Nacional Cuba 10,990 9,800 1,190 - Gob Nacional 155.973 40,000 79,000 36,973 h Gob Nacional El Salvador 20,000 15,000 5,000 - Gob Nacional 21.609 - 21.609 - Gob Nacional Colombia Gob Nacional Gob Provinciales Gobs Municipales Banco Hipotecario Colombiano Costa Rica Rep Dominicana TABLAS A CENTURY (1).xls 10 Guatemala Gob Nacional Haití 9.465 4,950 4.515 - Gob Nacional Panamá 18.634 - 18.634 - Gob Nacional 20,500 4,500 12,000 4,000 i 1 105.814 1,500 3,000 57.366 1,500 1,500 48.448 1,500 - Perú Gob Nacional Gobs Provinciales Gobs Municipales Uruguay Gob Nacional 55.081 55.081 Gobs Municipales 15.307 15.307 Fuentes: A Kimber´s Record of Government Debts (Londres, 1929 y 1934 eds.); Corporation of Foreign Bondholders, Annual Reports (Londres, 19281935); Foreign Bondholders Protective Council, Annual Reports (Nueva York, 1934, 1936) a Esta línea incluye únicamente emisiones de bonos externos a largo plazo de entidades gubernamentales latinoamericanas No incluye las emisiones a corto y mediano plazo (de uno a cinco años) b Todas las emisiones de bonos en divisas distintas a dólares estadounidenses (por ejemplo, libras esterlinas, pesetas o francos) han sido convertidas a dólares estadounidenses de acuerdo las tasas de cambio contemporáneas No obstante, las cifras presentadas aquí son sencillamente los cálculos publicados de los valores nominales de los bonos emitidos, pero no reflejaban necesariamente las sumas precisas vendidas, lo cual podría conocerse solamente mediante un detallado estudio de cada préstamo, utilizando aquellos documentos pertinentes que pueden encontrarse en archivos gubernamentales o bancarios c Las cifras incluidas bajo la categoría del «Objetivo» de los préstamos proporcionan una estimación general, pero ciertamente no precisa del destino exacto de los fondos prestados Estas cifras se basan en los objetivos descritos en los contratos de crédito, pero sólo una meticulosa revisión de cada préstamo, utilizando documentos financieros del gobierno de cada país proporcionaría un informe estadístico completo y confiable del desembolso real de los fondos d Una emisión de bonos en Espa en 1927, por 100 millones de pesetas, para la compra de armamentos e Bonos emitidos a favor del Instituto del Café de São Paulo para el programa de valorización del café Bonos hipotecarios del Banco Nacional de Chile, empleados ostensiblemente para desarrollo agrícola g Bonos del Banco Hipotecario Agrícola de Colombia, empleados ostensiblemente para desarrollo agrícola h Bonos del Programa de Estabilización de Precios del Azúcar emitidos en 1930 garantía de la Corporación Nacional Cubana en Exportación de Azúcar i Bonos emitidos para fortalecer las reservas del Banco Nacional de Panamá f CARLOS MARICHAL, HISTORIA DE LA DEUDA EXTERNA DE AMERICA LATINA (MADRID,ALIANZA EDITORIAL1988.) TABLAS A CENTURY (1).xls 11 Pags 225-226 CUADRO VIII RELACIÓN DE LAS MORATORIAS Y RENEGOCIACIONES DE LAS DEUDAS LATINOAMERICANAS, 1931-1950 País Fecha inicial moratoria Argentina No hay moratoria Bolivia Ene 1931 Brasil Oct 1931 (moratoria parcial) Chile jul-31 Colombia Feb 1932 (moratoria parcial) Costa Rica Nov 1932 Cuba 1933/1934 (moratoria parcial) Deuda externa b consolidada en 1933 (dólares USA) a Renegociaciones 864,000,000 Intereses y amortización pagados regularmente hasta la liquidación final de deuda externa en 1946 63,000,000 Moratoria continuadas hasta 1948 cuando empiezan negociaciones para cancelar intereses atrasados, pero no capital 1,239,000,000 Renegociaciones 1933, 1940, 1943 Con último acuerdo una porción del capital reducido en su valor 343,000,000 Durante algunos años pagos parciales de intereses En 1948 arreglo acreedores 164,000,000 Pagos parciales hasta 1935 Sigue moratoria total Renegociaciones 1940, 1942, 1944 y 1949 para reducción de pagos de intereses 21,000,000 1933 – bonos consolidados ofrecidos para cubrir intereses atrasados 1935, nueva moratoria, que continúa hasta 1946 TABLAS A CENTURY (1).xls 153,000,000 Pagos de intereses sobre parte de deuda externa suspendidos 193334, pero renovados posteriormente 12 República Dominicana Oct 1931 (moratoria parcial) Ecuador Jul 1931 El Salvador Ene 1933 Guatemala Feb 1933 (moratoria parcial) Haití No hay moratoria Honduras No hay moratoria México 1914 Nicaragua No hay moratoria Panamá Ene 1932 TABLAS A CENTURY (1).xls 16,400,000 Suspendidos únicamente pagos fondos amortización Pagos de intereses continuaron regularmente 23,000,000 Deuda permanece en moratoria total hasta mediados de década 1950 4,000,000 Renegociación en 1936 para renovación de parte de pagos intereses En 1946 arreglo final que cancela 50% de intereses atrasados 14,000,000 Moratoria parcial de fondos amortización, pero continúan pagos de intereses, 1946-1951, la deuda liquidada mediante amortización 13,000,000 Pagos de amortización e intereses continúan regularmente bajo supervisión y control de los Estados Unidos 4,000,000 Pagos regulares bajo supervisión del National City Bank (N Y.) 684,000,000 Renegociación de la deuda en 1930, pero en términos incumplidos Arreglo final de deuda externa nacional en 1942, y de deuda de compía ferroviaria nacional en 1946 Según estos acuerdos, capital e intereses reducidos en 90% 21,000,000 Pagos amortización reducidos, 1932-46, pero pagos de intereses continuaron en su totalidad 16,000,000 Renegociación en 1933, pero moratoria parcial continúa hasta 1946 13 Paraguay Jun 1932 3,000,000 Servicio de la deuda reanudado en 1938 Perú may-31 Uruguay Ene 1932 (moratoria parcial) Venezuela No hay moratoria 114,000,000 1934-37 reanudación parcial de pagos de intereses En 1947 Perú ofrece arreglo basado en reducción pagos intereses Plan de reajuste final en 1951 98,000,000 Pagos amortización temporalmente suspendidos, pero continúan pagos de intereses - Había extinguido externa para 1933 su deuda Fuentes: A Kimber, Kimber´s Record of Government Debts (Londres, 1934 ed.); Corporation of Foreign Bondholders, Annual Reports (Londres, 19301952); Foreign Bondholders Protective Council, Annual Reports (Nueva York, 1934, 1936-1950) a La información en este cuadro resumido debe complementarse datos adicionales de fuentes citadas, así como en otras fuentes b Incluye bonos externos a largo plazo aún no redimidos No incluye deudas externas a corto plazo o «flotantes» CARLOS MARICHAL, HISTORIA DE LA DEUDA EXTERNA DE AMERICA LATINA (MADRID,ALIANZA EDITORIAL1988.) Pags 247-248 TABLAS A CENTURY (1).xls 14 APENDICE I PRÉSTAMOS EXTERNOS A GOBIERNOS LATINOAMERICANOS, 1850-1873 País y Entidad Gubernamental Argentina Gob Nacional ´´ ´´ ´´ ´´ Prov B Aires ´´ ´´ ´´ Prov Entre Ríos Prov Santa Fé Bolivia Gob Nacional ´´ ´´ Brasil Gob Nacional ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ Chile Gob Nacional ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ Año Valor nominal (000´s L) (a) Tasa de interés (b) Precio de emisión ( c ) Propósito (d) Banqueros (e) 1857 1865-68 1871 1870 1873 1872 1874 1.263 2,500 6.122 1.035 2.041 227 300 3% 6% 6% 6% 6% 7% 7% -72-75 88 86-88 90 90 92 Refinanciamiento Militar Obras Públicas ´´ ´´ Obras Públicas Refinanciamiento Banco y Ferrocarriles Baring Bros (L) ´´ ´´ C Murrieta (L) ´´ Baring Bros (L) ´´ ´´ C Murrieta (L) 1964 1872 1,000 1,700 6% 6% Fracaso 68 Ferrocarriles Obras Públicas London County Bank (L) Lumb, Wanklyn (L) 1852 1858 1859 1860 1863 1865 1871 1875 1.041 1.527 503 1.373 3,300 6.963 3,460 5,300 4.5% 4.5% 5% 4.5% 4.5% 5% 5% 5% 95 96 -90 88 74 89 96 Refinanciamiento Ferrocarriles Refinanciamiento Obras Públicas Refinanciamiento Militar Refinanciamiento Refinanciamiento N.M Rothschild (L) ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ ´´ 1858 1865 1866 1867 1870 1.555 450 1.121 2,000 1.013 4.5% 6% 7% 6% 5% 92 92 92 80 83 Baring Bros (L) Thomson, Bonar (L) J S Morgan (L) ´´ ´´ ´´ ´´ 1873 1875 1.227 1.136 5% 5% 89 Ferrocarriles Militar Militar Refinanciamiento Ferrocarriles Ferrocarriles y Militar 88 Obras Públicas Oriental Banking C (L) ´´ ´´ CARLOS MARICHAL, HISTORIA DE LA DEUDA EXTERNA DE AMERICA LATINA (MADRID,ALIANZA EDITORIAL1988.) Pag.281 TABLAS A CENTURY (1).xls 15 ... ideologies and programs of the Latin American elites engaged in issuing bonds abroad as well as of the designs of the bankers who provided the money Economic and social historians of Latin America have... that the loans could help to open doors in Latin America, to increase trade, to gain control of valuable gold and silver mines and to assure British naval predominance in both the Atlantic and... upon Latin American finances To deal with such a broad historical canvas necessarily requires the adoption of a comparative approach which goes beyond the boundaries of "national" financial histories